Audit & taxation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 August 2012
Dear Sir,
one whole seller having turnover of 50 lac with 1.5% profit file return without audit of accounts.
is there any problem, if yes provide me solution
thanks
one whole seller having turnover of 50 lac with 1.5% profit file return without audit of accounts.
is there any problem, if yes provide me solution
thanks
22 August 2012
1. Since the assessee is an eligible assessee under Section 44AD, he was required to show income @ 8%.
2. Sub-section 5 of Section 44AD provides that an assessee who shows income less than 8% AND his income exceeds the exemption limit is required to get his accounts audited.
3. In this case the total income comes to Rs. 75,000 which is less than the exemption limit.
So he is not required to get his accounts audited.
2. Sub-section 5 of Section 44AD provides that an assessee who shows income less than 8% AND his income exceeds the exemption limit is required to get his accounts audited.
3. In this case the total income comes to Rs. 75,000 which is less than the exemption limit.
So he is not required to get his accounts audited.
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